CLOSE THE LOOP LTD. - Interim / Quarterly Report 2025

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Close the Loop Ltd

ABN: 91 095 718 317

Report for the half year ended 31 December 2024

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APPENDIX 4D

1.1 Company details

Name of entity: Close the Loop Limited ABN: 91 095 718 317 Reporting period: For the half-year ended 31 December 2024 Previous period: For the half-year ended 31 December 2023

1.2 Results for announcement to the market

				$’000
Revenues from ordinary activities	~~Up~~/Down	3.8%	to	99,187
Profit/(Loss) from ordinary activities after tax
attributable to the members of Close the Loop Ltd	~~Up/~~Down	115.5%	to	(765)
Net Profit/(Loss) for the year attributable to the
members of Close the Loop Ltd	~~Up~~/Down	115.5%	to	(765)

Dividends

Close the Loop Limited has not paid any dividends in the half year ending 31 December 2024 nor does it propose to pay any dividends.

Close the Loop Limited does not have a dividend reinvestment plan in place.

Comments

Please refer to the Review of Operations in the Directors’ Report for an explanation of the results.

This Appendix 4D should be read in conjunction with the Consolidated Interim Financial Report of Close the Loop Limited for the half year ended 31 December 2024 that has been reviewed by Nexia Melbourne Audit Pty Ltd. This report should be read in conjunction with the ASX announcement on 24 February 2025. This report should also be read in conjunction with any public announcements made by Close the Loop Limited in accordance with the continuous disclosure requirements arising under the Corporations Act 2001 and ASX listing rules.

The loss for the half year ended 31 December 2024 has been impacted by the amortisation of intangible assets of $ 6 ,283,000 that occurs as a result of the consolidated group recognising customer relationships, brand names and internal generated software upon the business combinations accounting standard and that is required to be amortised over their useful lives. If the amortisation of the intangible assets was reversed the net profit after tax attributable to the members of Close the Loop and adding back the amortisation related to business combinations for the half year is $5,518,000.

The information provided in this report contains all the information required by ASX Listing Rule 4.2A.

1.3 Net tangible assets

Net tangible assets per ordinary security

31 December 2024 31 December 2023 0.31 cents (2.55) cents

1.4 Control gained over entities

There was no control gained over any entities during the reporting period.

1.5 Loss of Control over entities

There was no loss of control over any entity during the reporting period.

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1. 6 Details of associated and joint venture entities

Close the Loop Limited does not have any interest in joint venture or associated entities.

1.7 Audit review

The financial statements were subject to a review by the auditors and the unmodified review report is attached as part of the Interim Report.

All foreign entities in the Close the Loop Limited group have used International Financial Reporting Standards as the accounting standards by which they have reported and been included in the Interim Report for the period ending 31 December 2024.

1.8 Attachments

The Interim Report of Close the Loop Limited for the half-year ended 31 December 2024 is attached.

1.9 Signed

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Signed: Grant Carman Director

Date: 24 February 2025

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Report for the half year ended 31 December 2024

Close the Loop Ltd ABN: 91 095 718 317

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DIRECTORS’ REPORT

The directors present their report, together with the financial statements, on the consolidated entity (referred to hereafter as the 'consolidated entity') consisting of Close the Loop Limited (referred to hereafter as the 'company' or 'parent entity') and the entities it controlled at the end of, or during, the half-year ended 31 December 2024.

Directors

The following persons were directors of Close the Loop Limited during the whole of the financial half-year and up to the date of this report, unless otherwise stated:

Grant Carman
Sammy Saloum
Lawrence Jaffe
John Chambers (appointed 21 November 2024)
Gregory Toll (resigned 21 November 2024)
Marc Lichtenstein (resigned 21 November 2024)
Joseph Foster (resigned 21 November 2024)

Principal Activities

The principal activity of the consolidated group during the financial year was the creation of innovative products and packaging solutions as well as recovering a wide range of electronic products, print consumables, eyewear, cosmetics, plastics, paper and cartons and any other activity incidental thereto, through to the reusing of toner and post-consumer soft plastics for an asphalt additive, TonerPlas. The Company is focused on the future, sustainability and the circular economy.

The consolidated entity also provides premium and innovative flexible and carton packaging, flexographic print packaging, seafood packaging and bulk storage solutions. The consolidated entity is also a leading supplier of thermal paper and associated paper products and services in Australia.

There were no significant changes in the nature of the activities of the Group during the half year.

Review of Operations

With locations across Australia, United States, Europe and South Africa, Close the Loop collects waste products through takeback programs across its resource recovery businesses for recovery and reuse; and provides packaging products through its packaging businesses which allow for recovery and recyclability. The Company’s overall premise is zero waste to landfill. From recovering a wide range of electronic products, print consumables, eyewear, cosmetics, plastics, paper and cartons and any other activity incidental thereto, through to the reusing of toner and post-consumer soft plastics for an asphalt additive, the Group is a global circular economy leader with a focus on the future, sustainability and the circular economy.

conomy.
	31 December 2024	31 December 2023
	$’000	$’000
Revenue	99,187	103,125
Gross Margin %	32.1%	36.2%
EBITDA	12,223	22,689
Net Profit before tax	(1,810)	6,988
Net Profit after tax	(623)	5,009
Amortisation of intangible assets	6,283	8,245
Underlying Net Profit	5,660	13,254
Current Assets	104,626	108,966
Current Liabilities	46,995	61,452
Current Ratio	2.23	1.77
Total Assets	303,989	303,197
Equity	145,013	132,899

The profit before interest, tax, depreciation, and amortisation charges (“EBITDA”) attributable to the members of the parent entity for the half year ended 31 December 2024 is $12,223,000 (31 December 2023: $22, 6 89,000) which is a 4 6 % decrease compared to the previous corresponding reporting period. The decrease in the financial results for the period ending 31 December 2024 are a due to several factors. These factors include a temporary unfavourable shift in business mix in the resource recovery division and a delay

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in the opening of the Mexicali facility. The company is actively addressing these short-term challenges and expects resolution in the coming months.

The loss attributable to the members of the consolidated group after providing for income tax and noncontrolling interest amounted to a loss of $7 6 5,000 (2023: $4,927,000 profit). The loss for the half year ended 31 December 2024 has been impacted by the amortisation of intangible assets of $ 6 ,283,000 that occurs as a result of the consolidated group recognising customer relationships, brand names and internally generated software upon the business combinations accounting standard and that is required to be amortised over their useful lives. If the amortisation of the intangible assets was reversed the net profit after tax attributable to the members of Close the Loop and adding back the amortisation related to business combinations for the half year is $5,518,000 (2023: $13,172,000).

The Group has generated $2,548,000 cash from operations for the half year that has been invested into the Mexicali facility, as well as plant and equipment across the resource recovery businesses and the packaging manufacturing facility in Melbourne, Australia. Overall, during the reporting period there was a net decrease in cash of $3,049,000.

During the reporting period there has been a significant investment in working capital. This is evidenced by the growth in inventory over the reporting period. Inventory has grown to $30.90 6 million or 55% over the 6 - month reporting period. The growth in inventory is a result of the investment that the resource recovery business has made to expand into the Information Technology Asset Disposition (“ITAD”) business. These inventory levels are expected reduce over the coming months and be converted into cash as our processing efficiencies improve.

Net debt which is calculated as total borrowings less cash on hand at 31 December 2024 has increased by $8,35 6 ,000 to $50,932,000 since the last reporting date, 30 June 2024. The movement in the net debt is predominantly due to the movement in exchange rates and the devaluation of the Australian Dollar (“AUD“) against the United States Dollar (“USD”). The company’s loans are provided in USD by a USA based lender and are required to be restated into AUD at each reporting date with an adjustment made to the foreign currency translation reserve. Excess cash within the organisation is held by the holding company in AUD in Australian banks. During the reporting period the principal debt reduced in USD but this was more than offset by the devaluation of the AUD against the USD.

The Close the Loop recycling division increased its processing volumes during the period, introducing several new collection programs, complementing its traditional imaging consumables business.

The core recycling operations in Australia, United States and Europe have continued to grow and provide services across the respective geographies.

The European business launched a pan-European multi-vendor collection program, which resulted in significant interest from all the major print original equipment manufacturers (“OEMs”) with the majority of the OEMs progressively joining the program. The program was launched on 1 November 2023 in Benelux, Germany and the United Kingdom. During the reporting period the multi-vendor collection program continued to be expanded across Europe, with more OEMs joining the program. The full financial impact of this collection program is expected to be reflected in the second half of 2025 financial year.

The Close the Loop packaging businesses have achieved 11% organic sales growth compared to the previous corresponding period. The growth in sales is due to the improved performance of the South African and largest Australian packaging businesses. Whilst the packaging division has had 4.1% growth in the profit after income tax expense compared to the previous corresponding period, some of the businesses in this division have experienced some margin pressure to win new customers and or retain the existing customer base. The Packaging business continues to have strong demand for its specialised range of sustainable packaging. The future forecasts see ongoing growth of this division. The South African operations have performed exceptionally well during the period.

Significant Changes in the State of Affairs

There were no significant changes in the state of affairs of the consolidated group during the reporting period.

Events Subsequent to Reporting Date

On 29 January 2025 Close the Loop ceased discussions with Adamantem Capital (Adamantem) with regard to Adamantem’s indicative proposal to acquire 100% of the shares in the Company, by way of a scheme of arrangement, for $0.27 per share.

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Since 31 December 2024, the company has commenced or continued discussions with a number of potential acquisition targets for share and or asset purchases for businesses that are complimentary to the current service offerings of the Group. At the time of this report no binding agreements have been entered into with any of these potential acquisition targets.

Other than the matters discussed above, there has not arisen in the interval between the end of the reporting period and the date of this report any item, transaction or event of a material and unusual nature likely, in the opinion of the directors of the Company, to affect significantly the operations of the Group, the results of those operations, or the state of affairs of the Group.

Rounding of Amounts

The company is of a kind referred to in Corporations Instrument 201 6 /191, issued by the Australian Securities and Investments Commission, relating to 'rounding-off'. Amounts in this report have been rounded off in accordance with that Corporations Instrument to the nearest thousand dollars, or in certain cases, the nearest dollar.

Auditor's independence declaration

A copy of the auditor's independence declaration as required under section 307C of the Corporations Act 2001 is set out immediately after this directors' report.

This report is made in accordance with a resolution of directors, pursuant to section 30 6 (3)(a) of the Corporations Act 2001.

On behalf of the directors

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Signed: _________ Grant Carman Director

Date: 24 February 2025

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Nexia Melbourne Audit Pty Ltd Level 35, 600 Bourke St Melbourne VIC 3000

Australia

E: [email protected]

P: +61 3 8613 8888

F: +61 3 8613 8800

nexia.com.au

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General Information

The financial statements cover Close the Loop Limited as a consolidated entity consisting of Close the Loop Limited and the entities it controlled at the end of, or during, the half year. The financial statements are presented in Australian dollars, which is Close the Loop Limited’s functional and presentation currency.

Close the Loop Limited is a listed public company limited by shares, incorporated, and domiciled in Australia. Its registered office and principal place of business are:

Principal registered office Principal place of business 43-47 Cleeland Road 43-47 Cleeland Road Oakleigh South VIC 31 6 7 Oakleigh South VIC 31 6 7 Australia Australia

A description of the nature of the consolidated entity's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

All amounts in the Consolidated Interim Financial Report have been rounded off in accordance with ASIC Corporations (Rounding in Financial/Directors’ Report) Instrument 201 6 /191 to the nearest one thousand dollars unless otherwise stated.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 21 February 2025.

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Statement of Profit or Loss and Other Comprehensive Income For the half-year ended 31 December 2024 Note Revenue from continuing operations Revenue 3 Cost of sales Gross profit Expenses Other Income 4 Selling and distribution expenses Administration expenses Occupancy costs Employee benefits Depreciation and amortisation 5 Other expenses Operating profit Finance costs 5 Profit / (Loss) before income tax expense from continuing operations Income tax benefit / (expense) Profit / (Loss) after income tax expense from continuing operations Profit / (Loss) after income tax expense for the half year Other comprehensive income Items that may be reclassified subsequently to profit or loss Foreign currency translation Other comprehensive income for the half-year, net of tax Total comprehensive income for the half year Profit / (Loss) for the year is attributable to: Non-controlling interest Owners of Close the Loop Limited Total comprehensive income for the year is attributable to: Continuing operations Non-controlling interest Continuing operations Earnings per share for profit attributable to the owners of Close the Loop Limited Basic earnings per share 15 Diluted earnings per share 15	Consolidated 31 Dec 2024 $’000 31 Dec 2023 $’000 99,187 103,125 (67,386) (65,834) 31,801 37,291 2,039 3,030 (2,584) (121) (4,898) (5,718) (2,734) (2,484) (10,688) (8,659) (10,126) (10,988) (12) - 2,798 12,351 (4,608) (5,363) (1,810) 6,988 1,187 (1,979) (623) 5,009 (623) 5,009 3,750 (1,069) 3,750 (1,069) 3,127 3,940 142 82 (765) 4,927 (623) 5,009 142 3,858 2,985 82 3,127 3,940 Cents Cents (0.14) 0.95 (0.14) 0.92	Consolidated 31 Dec 2024 $’000 31 Dec 2023 $’000 99,187 103,125 (67,386) (65,834) 31,801 37,291 2,039 3,030 (2,584) (121) (4,898) (5,718) (2,734) (2,484) (10,688) (8,659) (10,126) (10,988) (12) - 2,798 12,351 (4,608) (5,363) (1,810) 6,988 1,187 (1,979) (623) 5,009 (623) 5,009 3,750 (1,069) 3,750 (1,069) 3,127 3,940 142 82 (765) 4,927 (623) 5,009 142 3,858 2,985 82 3,127 3,940 Cents Cents (0.14) 0.95 (0.14) 0.92
		37,291 3,030 (121) (5,718) (2,484) (8,659) (10,988) -
		12,351 (5,363)
		6,988 (1,979)
		5,009
		5,009 (1,069)
		(1,069)
		3,940
		82 4,927
		5,009
		3,858 82
		3,940
		Cents 0.95 0.92

The above Statement of profit or loss and other comprehensive income is to be read in conjunction with the accompanying notes.

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Statement of Financial Position As at 31 December 2024 Note Assets Current assets Cash and cash equivalents Trade and other receivables Inventories Other Total current assets Non-current assets Investments Property, plant, and equipment Right-of-use assets Intangibles 13 Deferred tax Other Total non-current assets Total assets Liabilities Current liabilities Trade and other payables Borrowings 14 Lease liabilities Income tax Provisions Deferred revenue Other Total current liabilities Non-current liabilities Borrowings 14 Lease liabilities Provisions Deferred tax liability Other Total non-current liabilities Total liabilities Net assets Equity Issued capital 6 Reserves Retained profits Non-controlling interest Total equity	Consolidated 31 Dec 2024 $’000 30 Jun 2024 $’000 37,795 40,644 30,926 36,056 30,906 19,946 4,999 3,116 104,626 99,762 207 200 26,265 26,417 21,814 23,800 143,347 142,812 4,156 1,816 3,574 2,195 199,363 197,240 303,989 297,002 20,891 20,901 17,294 14,260 3,753 3,805 (731) 541 2,582 3,449 1,230 1,226 1,976 1,345 46,995 45,527 71,403 68,960 20,017 21,633 114 112 20,447 19,233 - - 111,981 109,938 158,976 155,465 145,013 141,537 105,852 105,852 3,989 (110) 34,402 35,167 770 628 145,013 141,537	Consolidated 31 Dec 2024 $’000 30 Jun 2024 $’000 37,795 40,644 30,926 36,056 30,906 19,946 4,999 3,116 104,626 99,762 207 200 26,265 26,417 21,814 23,800 143,347 142,812 4,156 1,816 3,574 2,195 199,363 197,240 303,989 297,002 20,891 20,901 17,294 14,260 3,753 3,805 (731) 541 2,582 3,449 1,230 1,226 1,976 1,345 46,995 45,527 71,403 68,960 20,017 21,633 114 112 20,447 19,233 - - 111,981 109,938 158,976 155,465 145,013 141,537 105,852 105,852 3,989 (110) 34,402 35,167 770 628 145,013 141,537
		99,762
		200 26,417 23,800 142,812 1,816 2,195
		197,240
		297,002
		20,901 14,260 3,805 541 3,449 1,226 1,345
		45,527
		68,960 21,633 112 19,233 -
		109,938
		155,465
		141,537
		105,852 (110) 35,167 628
		141,537

The above Statement of Financial Position is to be read in conjunction with the accompanying notes.

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Statement of Changes in Equity

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For the half-year ended 31 December 2024

Consolidated Balance at 1 July 2023 Profit after income tax expense for the year, net of tax Foreign exchange movement Total comprehensive income for the year Transactions with owners in their capacity as owners: Movement in issued shares (Note6) Transfer of Share Based Payments to Retained Profits Share based payments Balance at 31 December 2023 Consolidated Balance at 1 July 2024 Profit after income tax expense for the year, net of tax Foreign exchange movement Total comprehensive income for the year Transactions with owners in their capacity as owners: Movements in provisions Balance at 31 December 2024	Issued capital $’000 100,588 - - - 4,659 - - 105,247 Issued capital $’000 105,852 - - - - 105,852	Reserves $’000 (1,260) - (1,069) (1,069) - (128) 240 (2,217) Reserves $’000 (110) - 3,750 3,750 349 3,989	Retained profits $’000 24,215 4,927 - 4,927 - 128 - 29,270 Retained profits $’000 35,167 (765) - (765) - 34,402	Non- controlling interest $’000 517 82 - 82 - - - 599 Non- controlling interest $’000 628 142 - 142 - 770	Total equity $’000 124,060 5,009 (1,069)
					3,940 4,659 - 240
					132,899
					Total equity $’000 141,537 (623) 3,750
					3,127 349
					145,013

The above Statement of Changes in Equity is to be read in conjunction with the accompanying notes.

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Statement of Cash Flows For the half-year ended 31 December 2024 Cash flows from operating activities Receipts from customers (inclusive of GST) Payments to suppliers and employees (inclusive of GST) Other revenue Interest and other finance costs paid Income taxes paid Net cash from operating activities Cash flows from investing activities Payment for purchase of business, net of cash acquired Payments for property, plant, and equipment Acquisition of subsidiary Net cash used in investing activities Cash flows from financing activities Proceeds from share issue net of issue costs Net proceeds / (Repayment) of borrowings Repayment of lease liabilities Net cash used in financing activities Net increase/(decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the financial year Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of the financial year Cash and cash equivalents in the Statement of Financial Position Bank balances Bank overdrafts repayable on demand and used for cash management purposes Cash and cash equivalents in the statement of cash flows	Consolidated 31 Dec 2024 $’000 31 Dec 2023 $’000 107,862 98,338 (102,724) (81,176) 5,138 17,162 1,264 1,509 (1,701) (4,111) (2,153) (2,236) 2,548 12,324 (185) - (1,953) (3,195) - - (2,138) (3,195) - 4,680 (373) (4,216) (3,086) (2,578) (3,459) (2,114) (3,049) 7,015 40,644 49,458 200 (798) 37,795 55,675 37,795 55,675 - - 37,795 55,675	Consolidated 31 Dec 2024 $’000 31 Dec 2023 $’000 107,862 98,338 (102,724) (81,176) 5,138 17,162 1,264 1,509 (1,701) (4,111) (2,153) (2,236) 2,548 12,324 (185) - (1,953) (3,195) - - (2,138) (3,195) - 4,680 (373) (4,216) (3,086) (2,578) (3,459) (2,114) (3,049) 7,015 40,644 49,458 200 (798) 37,795 55,675 37,795 55,675 - - 37,795 55,675
		17,162 1,509 (4,111) (2,236)
		12,324
		- (3,195) -
		(3,195)
		4,680 (4,216) (2,578)
		(2,114)
		7,015 49,458 (798)
		55,675
		55,675 -
		55,675

The above Statement of Cash Flows is to be read in conjunction with the accompanying notes.

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Notes to the Financial Statements 31 December 2024

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NOTE 1. MATERIAL ACCOUNTING POLICY INFORMATION

These general-purpose financial statements for the interim half-year reporting period ended 31 December 2024 have been prepared in accordance with Australian Accounting Standard AASB134 ‘Interim Financial Reporting’ and the Corporations Act 2001, as appropriate for for-profit oriented entities. Compliance with AASB 134 ensures compliance with International Financial Reporting Standard IAS 34 ‘Interim Financial Reporting’.

These general-purpose financial statements do not include all the notes of the type normally included in annual financial statements. Accordingly, these financial statements are to be read in conjunction with the annual report for the year ended 30 June 2024 and any public announcements made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001.

The principal accounting policies adopted are consistent with those of the previous financial year and corresponding interim reporting period, unless otherwise stated.

New or amended Accounting Standards and Interpretations adopted

The consolidated entity has adopted all the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board (‘AASB’) that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

Basis of preparation

The condensed consolidated financial statements have been prepared on the basis of historical cost, except for the revaluation of certain non-current assets and financial instruments. Cost is based on the fair values of the consideration given in exchange for assets. All amounts are presented in Australian dollars, unless otherwise noted.

The accounting policies and methods of computation adopted in the preparation of the half-year financial report are consistent with those adopted and disclosed in the company’s 2024 annual financial report for the financial year ended 30 June 2024 except as discussed in the adoption of new and revised Australian Accounting Standards. The accounting policies are consistent with Australian Accounting Standards and with IFRS Accounting Standards.

Statements of Financial Position

The Statement of Financial Position as at 30 June 2024 represents Close the Loop Group. The Statement of Financial Position for 31 December 2024 reflects the consolidated position of Close the Loop Group.

Statement of Profit and Loss and Other Comprehensive Income

The Consolidated Statement of Profit or Loss and Other Comprehensive Income for the period 1 July 2024 to 31 December 2024 represent the results of Close the Loop.

Statement of Changes in Equity

The Consolidated Statement of Changes in Equity for the period 1 July 2024 to 31 December 2024 comprises Close the Loop Group.

Statement of Cash Flows

The Statement of Cash Flows represents cash flows of Close the Loop Group for the period 1 July 2024 to 31 December 2024.

Critical accounting estimates and assumptions

Business combinations are initially accounted for on a provisional basis. The fair value of assets acquired, liabilities and contingent liabilities assumed are initially estimated by the consolidated entity taking into consideration all available information at the reporting date. Fair value adjustments on the finalisation of the business combination accounting are retrospective, where applicable, to the period the combination appeared and may have an impact on the assets and liabilities, depreciation and amortisation reported.

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Notes to the Financial Statements 31 December 2024

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NOTE 2. OPERATING SEGMENTS

Identification of reportable operating segments

The consolidated entity is organised into two operating segments based on differences in products and services provided: resource recovery and packaging. These operating segments are based on the internal reports that are reviewed and used by the Board of Directors (who are identified as the Chief Operating Decision Makers ('CODM')) in assessing performance and in determining the allocation of resources. There is aggregation of operating segments.

The CODM reviews EBITDA (earnings before interest, tax, depreciation, and amortisation). The accounting policies adopted for internal reporting to the CODM are consistent with those adopted in the financial statements.

The information reported to the CODM is monthly.

Types of products and services

The principal products and services of each of these operating segments are as follows:

Provides premium and innovative flexible and carton packaging as well as bulk Packaging storage packaging solutions and thermal paper supply.

The takeback, recovery and reuse of complex waste streams including imaging consumables, cosmetics, plastics, paper and cartons and products associated Resource recovery there with as well as refurbishing consumer and enterprise electronic equipment.

Intersegment transactions

An internally determined transfer price is set for all intersegment sales. This price is reset and is based on what would be realised in the event the sale was made to an external party at arm’s length. Intersegment transactions are eliminated on consolidation.

Intersegment receivables, payables, and loans

Intersegment loans are initially recognised at the consideration received, net of transaction costs. Intersegment loans receivable and loans payable that earn or incur non-market interest are not adjusted to fair value based on market interest rates. Intersegment loans are eliminated on consolidation.

Operating segment information

perating segment information
Consolidated 31 December 2024 Revenue Sales to external customers Intersegment sales Total sales revenue Other revenue Total segment revenue Intersegment eliminations Unallocated revenue Total revenue EBITDA Depreciation and amortisation Net finance costs Profit before income tax expense Income tax expenses Profit after income tax expense	Resource Recovery $’000 63,564 - 63,564 885 64,449 6,830 (9,337) (3,937) (6,444) 2,218 (4,226)	Packaging $’000 35,623 - 35,623 1,154 36,777 5,393 (789) 30 4,634 (1,031) 3,603	Total $’000 99,187 -
			99,187 2,039
			101,226 - -
			101,226
			12,223 (10,126) (3,907)
			(1,810) 1,187
			(623)

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Notes to the Financial Statements 31 December 2024 Consolidated 31 December 2024 Assets Segment assets Intersegment eliminations Unallocated assets Total assets Liabilities Segment liabilities Intersegment eliminations Unallocated liabilities: Total liabilities Consolidated 31 December 2023 Revenue Sales to external customers Intersegment sales Total sales revenue Other revenue Total segment revenue Intersegment eliminations Unallocated revenue Total revenue EBITDA Depreciation and amortisation Net finance costs Profit before income tax expense Income tax expenses Profit after income tax expense Assets Segment assets Intersegment eliminations Unallocated assets Total assets Liabilities Segment liabilities Intersegment eliminations Unallocated liabilities: Total liabilities	Resource Recovery $’000 279,138 147,272 Resource Recovery $’000 71,154 - 71,154 1,763 72,917 16,941 (10,364) (4,626) 1,951 (402) 1,549 260,864 154,683	Packaging $’000 30,611 17,464 Packaging $’000 31,971 - 31,971 1,267 33,238 5,748 (624) (87) 5,037 (1,577) 3,460 50,623 - 23,905	Total $’000 309,749 (5,760) - 303,989 164,736 (5,760) - 158,976 Total $’000 103,125 - 103,125 3,030 106,155 - - 106,155 22,689 (10,988) (4,713) 6,988 (1,979) 5,009 311,487 (8,290) - 303,197 178,588 (8,290) - 170,298

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Notes to the Financial Statements 31 December 2024

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Geographical segment information

Consolidated 31 December 2024 Revenue Sales to external customers Intersegment sales Total sales revenue Other revenue Total segment revenue Intersegment eliminations Unallocated revenue Total revenue EBITDA Depreciation and amortisation Net finance costs Profit before income tax expense Income tax expenses Profit after income tax expense Assets Segment assets Intersegment eliminations Unallocated assets Total assets Liabilities Segment liabilities Intersegment eliminations Unallocated liabilities Total liabilities Consolidated 31 December 2023 Revenue Sales to external customers Intersegment sales Total sales revenue Other revenue Total segment revenue Intersegment eliminations Unallocated revenue Total revenue	Australia $’000 31,757 - 31,757 1,800 33,557 256 (2,031) (250) (2,025) 822 (1,203) 169,292 45,476 Australia $’000 31,017 - 31,017 1,987 33,004	USA $’000 51,228 - 51,228 33 51,261 9,988 (7,922) (3,788) (1,722) 776 (946) 175,987 151,574 USA $’000 62,199 - 62,199 435 62,634	Europe $’000 6,581 - 6,581 63 6,644 (10) (143) 9 (144) (1) (145) 4,915 14,286 Europe $’000 3,384 - 3,384 506 3,890	South Africa $’000 9,621 - 9,621 143 9,764 1,989 (30) 122 2,081 (410) 1,671 9,686 3,531 South Africa $’000 6,525 - 6,525 102 6,627	Total $’000 99,187 -
					99,187 2,039
					101,226 - -
					101,226
					12,223 (10,126) (3,907)
					(1,810) 1,187
					(623)
					359,880 (55,891) -
					303,989
					214,867 (55,891) -
					158,976
					Total $’000 103,125 -
					103,125 3,030
					106,155 - -
					106,155

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Notes to the Financial Statements 31 December 2024 Consolidated 31 December 2023 Australia $’000 EBITDA 4,880 Depreciation and amortisation (1,638) Finance costs (695) Profit before income tax expense 2,547 Income tax expenses (928) Profit after income tax expense 1,619 Assets Segment assets 164,119 Intersegment eliminations Unallocated assets Total assets Liabilities Segment liabilities 45,054 Intersegment eliminations Unallocated liabilities Total liabilities	USA $’000 16,664 (9,201) (4,100) 3,363 (800) 2,563 176,971 157,799	Europe $’000 313 (128) (6) 179 - 179 3,635 13,693	South Africa $’000 832 (21) 88 899 (251) 648 7,632 2,912	Total $’000 22,689 (10,988) (4,713) 6,988 (1,979) 5,009 352,357 (49,160) - 303,197 219,458 (49,160) - 170,298

NOTE 3. REVENUE

From continuing operating activities Revenue from contracts with customers Sale of goods Collection revenue OTE 4. OTHER INCOME Interest Income Government Grants Foreign Exchange Gains Other Income Other income		Consolidated 31 Dec 2024 $’000 31 Dec 2023 $’000 74,140 80,751 25,047 22,374 99,187 103,125 Consolidated 31 Dec 2024 $’000 31 Dec 2023 $’000 701 652 316 310 806 858 216 1,210 2,039 3,030

NOTE 4. OTHER INCOME

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Notes to the Financial Statements 31 December 2024

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NOTE 5. EXPENSES

31 Profit before income tax from continuing operations includes the following expenses: Depreciation and Amortisation Depreciation of property, plant and equipment Amortisation of right-of-use assets Total depreciation Amortisation of non-current assets Total depreciation and amortisation Finance costs Interest and finance charges paid/payable on borrowings Interest and finance charges paid/payable on lease liabilities Finance costs expensed NOTE6. EQUITY – ISSUED CAPITAL 31 Dec 2024 Shares 30 Jun 2024 Shares Ordinary shares – fully paid 531,849,866 531,849,866 Movements in ordinary share capital Date Shares Balance at the beginning of the year 1 Jul 2023 515,656,791 Shares issued to ISP Tek Services and Captive Trade Corp vendors 19 Jul 2023 4,056,056 Shares issued upon conversion of Close the Loop options 1 Dec 2023 10,585,134 Shares issued for acquisition of plant and equipment 9 Feb 2024 1,551,885 Transaction costs relating to share issues Balance 30 Jun 2024 531,849,866 Date Shares Balance at the beginning of the half year 1 Jul 2024 531,849,866 Balance at the end of the period 31 Dec 2024 531,849,866	31	Consolidated Dec 2024 $’000 31 Dec 2023 $’000 1,574 1,096 2,190 1,621 3,764 2,717 6,362 8,271 10,126 10,988 3,830 4,501 778 862 4,608 5,363 31 Dec 2024 $’000 30 Jun 2024 $’000 105,852 105,852 Issue price $’000 100,588 $0.3708 1,504 $0.30 3,176 $0.39 605 (21) 105,852 Issue price $’000 105,852 105,852	Consolidated Dec 2024 $’000 31 Dec 2023 $’000 1,574 1,096 2,190 1,621 3,764 2,717 6,362 8,271 10,126 10,988 3,830 4,501 778 862 4,608 5,363 31 Dec 2024 $’000 30 Jun 2024 $’000 105,852 105,852 Issue price $’000 100,588 $0.3708 1,504 $0.30 3,176 $0.39 605 (21) 105,852 Issue price $’000 105,852 105,852





			$’000 100,588 1,504 3,176 605 (21)
			105,852
			$’000 105,852
			105,852

NOTE 7. SHARE BASED PAYMENTS

Close the Loop’s approach to remuneration is to ensure that employee remuneration is closely linked to the Consolidated Entity’s performance and the returns generated for shareholders. Performance‑linked compensation, as outlined in the Consolidated Entity’s Employee Incentive Plan (‘EIP’), includes both short‑term and long‑term incentives, and is designed to incentivise and reward employees for meeting or ‑ ‑ exceeding Company wide and individual objectives. The short term incentive (‘STI’) is an “at risk” bonus

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Notes to the Financial Statements 31 December 2024

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‑ provided in the form of cash and/or shares, while the long term incentive (’LTI’) is provided as options and performance rights over ordinary shares of the Company. Performance rights are granted pursuant to the Company’s Performance Rights Plan Rules which were approved by shareholders on 1 6 November 2022.

Performance rights are granted at the discretion of the Board to key executives by way of issue at nil cost both at the time of grant and vesting. Vesting is contingent on the Company meeting or exceeding performance hurdles over the performance period and upon each key executive’s ongoing employment by the Company. The performance hurdles involve an assessment of the Company’s total shareholder returns in absolute terms.

As part to of the Australian Stock Exchange listing process certain key executives and advisors received, for no consideration, options over ordinary shares of the Company at specified exercise prices as determined by the Board. The grant of options was intended to align the interests of senior executives with other owners of the Company over the medium to longer term and to increase those senior executives’ proportion of ‘at risk’ remuneration.

Set out below are summaries of options granted as at 31 December 2023:

Grant Date	Expiry date	Exercise Price	Balance at the start of the financial half year	Granted	Exercised	Expired/ Forfeited/ Other	Balance at the end of the financial halfyear
2 Dec 2021	1Dec2023	$0.30	10,585,134	-	10,585,134	-	-

There were no movements in the options or options granted in the half year ended 31 December 2024.

Set out below are summaries of performance rights granted as at 31 December 2024. No performance rights were issued in the half year ended 31 December 2024. The valuation of the performance rights has been split into 4 Tranches.

For the performance rights granted during the prior financial period, a Binomial Option Valuation model was used to value the performance rights for Tranche 1. A probability adjustment for market vesting conditions is then attached to the value of the performance rights. Each performance right, once vested, entitles the performance right holder to receive one fully paid ordinary share in the Company for zero consideration.

The Tranche 2, Tranche 3 and Tranche 4 Performance Rights are effectively plain vanilla options with nil exercise price and vesting conditions that include a price target. The values of Tranche 2, Tranche 3 and Tranche 4 are assessed using a binomial option pricing model, adjusted to take account of the price target. This model allows for the potential exercise of the Performance Rights between vesting and expiry.

A risk-free rate of 3% was used in the valuation model as this yield on Commonwealth bonds is assumed to match the life of the Performance Rights. The valuation model inputs used to determine the fair value at the grant date are as follows:

Grant Date	Expiry date	Exercise Price	Balance at the start of the financial half year	Granted	Exercised	Expired/ Forfeited/ Other	Balance at the end of the financial halfyear
20 Dec 2022	19Dec2027	$0.00	5,750,000	-	-	-	5,750,000
15 Dec 2023	14Dec2028	$0.00	8,400,000	-	-	250,000	8,150,000

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Notes to the Financial Statements 31 December 2024

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Tranche	Share price at grant date	Volatility	Dividend Yield	Number of Performance Rights	Fair value at grant date
Tranche 1	$0.38	60%	$nil	2,300,000	$0.38
Tranche 2	$0.38	60%	$nil	1,150,000	$0.29
Tranche 3	$0.38	60%	$nil	1,150,000	$0.262
Tranche 4	$0.38	60%	$nil	1,150,000	$0.246
Tranche 5	$0.335	60%	$nil	3,260,000	$0.335
Tranche6	$0.335	60%	$nil	1,630,000	$0.256
Tranche 7	$0.335	60%	$nil	1,630,000	$0.231
Tranche 8	$0.335	60%	$nil	1,630,000	$0.219

NOTE 8. EQUITY – DIVIDENDS

Dividends paid during the financial half-year were as follows:

No dividend paid for the half year ended 31 December 2024

	Consolidated	Consolidated
31	Dec 2024	30 Jun 2024
	$’000	$’000
	-	-

On 28 May 2024 a dividend of R1,250,000 (A$103,488) was declared and paid by Foster International Packaging (Pty) Ltd to its minority shareholder.

NOTE 9. CONTINGENT LIABILITIES

The Directors are not aware of any material contingent liabilities as at 31 December 2024.

NOTE 10. RELATED PARTY TRANSACTIONS

The group's only material related party transaction during the period is the receipt of a licence fee from Foster International Packaging Pty Ltd of 7% of revenue per annum which generated intercompany licence fees of $ 6 02,000 (2023: $384,000).

With effect from 1 October 2022 Close the Loop Limited acquired all of the shares in The Pouch Shop Proprietary Limited, a director related company domiciled in South Africa. Joseph Foster was a 70% shareholder of this company. The final instalment payment became due and payable to Joe Foster on 1 October 2024.

On 1 December 2023, the Australian based directors entered into loan agreements with the company to exercise the 30 cent options that expired on that date. The key terms of the loans are that 80% of the value of the aggregate issue price of the shares were provided as the loan amount in the form of an interestbearing loan. The loan is for 3 years, which can be extended for a further term of 3 years and interest is charged at 4% per annum. On 1 December each year, 10% of the loan amount and interest accrued for the year to 1 December is required to be paid to the company.

NOTE 11. BUSINESS COMBINATIONS

No new business combinations took place during the half years ended 31 December 2024 or 31 December 2023.

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Notes to the Financial Statements 31 December 2024

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NOTE 12. EVENTS AFTER THE REPORTING PERIOD

On 29 January 2025 Close the Loop ceased discussions with Adamantem Capital (“Adamantem”) with regard to Adamantem’s indicative proposal to acquire 100% of the shares in the Company, by way of a scheme of arrangement, for $0.27 per share.

No other matter or circumstance has arisen since 31 December 2024 that has significantly affected, or may significantly affect the consolidated entity’s operations, the results of those operations, or the consolidated entity’s state of affairs in future financial years.

NOTE 13. INTANGIBLES

OTE 13. INTANGIBLES
Non-Current Assets Goodwill Less: Impairment Customer Relationships Less: Accumulated amortisation Patents and trademarks - at cost Less: Accumulated amortisation Brand Names - at cost Less: Accumulated amortisation Software created – at cost Less: Accumulated amortisation	Consolidated 31 Dec 2024 $’000 31 Dec 2023 $’000 41,901 41,512 - - 41901 41,512 109,087 99,571 (19,278) (7,832) 89,809 91,739 1,404 1,331 (973) (835) 431 496 5,381 5,342 (668) (435) 4,713 4,907 10,995 9,960 (4,502) (2,209) 6,493 7,751 143,347 146,405
		41,512
		99,571 (7,832)
		91,739
		1,331 (835)
		496
		5,342 (435)
		4,907
		9,960 (2,209)
		7,751
		146,405

Reconciliations

Reconciliations of the written down values at the beginning and end of the current financial periods are set out below:

		Customer	Patents and	Brand	Software
	Goodwill	relationships	Trademarks	Names	created	Total
	$’000	$’000	$’000	$’000	$’000	$’000
Consolidated
Balance at 1 July
2023	117,525	7,566	556	4,802	820	131,269
Additions	-	-	22	-	-	22
Purchase price
adjustment	(75,983)	90,649	(62)	229	8,202	23,035
Movement in
foreign exchange
rate	(30)	317	-	1	57	345

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Notes to the Financial Statements 31 December 2024

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31 December 2024
Amortisation expense Balance at 31 December 2023 Balance at 1 July 2024 Additions Movement in foreign exchange rate Amortisation expense Balance at 31 December 2024	Goodwill $’000 - 41,512 40,783 - 1,118 - 41,901	Customer relationships $’000 (6,793) 91,739 89,792 - 5,148 (5,131) 89,809	Patents and Trademarks $’000 (20) 496 439 43 1 (52) 431	Brand Names $’000 (125) 4,907 4,806 - 22 (115) 4,713	Software created $’000 (1,328) 7,751 6,992 168 370 (1,037) 6,493	Total $’000 (8,266)
						146,405
						142,812 211 6,659 (6,335)
						143,347

NOTE 14. BORROWINGS

On 2 6 April 2023 the Group entered into a Multi-Currency Revolving Credit Facility (“Revolver”) of US$7,500,000 with PGIM Inc., the global investment management business of Prudential Financial Inc. This facility is part of the Senior Secured Term Loan facility taken out on the same date. The facility was not used at 30 June 2024 or at any time during the half year ended 31 December 2024 and has a maturity date of 2 6 December 2029. The facility incurs interest at a rate of 35% of the margin of the lender on the unused facility, with interest required to be paid quarterly at the end of March, June, September and December. Security over the Revolver is provided by way of a first lien over all assets of the business via a floating charge.

On 2 6 April 2023 the Group entered into a Senior Secured Term Loan of US$40,000,000 with PGIM Inc., the global investment management business of Prudential Financial Inc. The facility was fully drawn on 2 6 April 2023 and unpaid principal balance as of 31 December 2024 was US$38,500,000 (30 June 2024: $38,750,000). The facility matures on 2 6 October 2029 and incurs interest at a variable rate of 10.47878% paid quarterly at the end of March, June, September and December. Security over the Senior Secured Term Loan is provided by way of a first lien over all assets of the businesses via a floating charge. At the end of each quarter 0. 6 25% of the principal is required to be repaid in years 1 and 2. Thereafter 1.25% of the principal is required to be repaid each quarter. The initial drawdown was used to finance the ISP Tek Services acquisition and provide working capital for this business post-acquisition.

As part of the Senior Secured Term Loan, US$5,000,000 had been committed as a Delayed Draw Term Loan Facility. The facility was not used at 30 June 2024 and has expired during the half year ended or 31 December 2024.

The Group has complied with all banking covenants throughout the period and as at 31 December 2024.

On 28 April 2023 Close the Loop Limited promised to issue to the order of the vendors of ISP Tek Services, 7,500,000 convertible notes (“Notes”), each having a face value of US$1.00 and the principal sum of US$7,500,000 in the aggregate, together with interest thereon from the date of issuance of the convertible at maturity notes. Interest will accrue at a simple rate of 4% per annum on these notes. The principal and accrued interest of the Notes issued will be due and payable by Close the Loop on 28 April 202 6 . The Notes will be convertible into Close the Loop’s ordinary shares at the discretion of the company at a set price of A$0.74 cents per share converted at the rate published by the Reserve Bank of Australia as at the trading day immediately preceding the date of conversion.

A second note was issued on 28 April 2023 by Close the Loop Limited which promised to issue to the order of the vendors of ISP Tek Services, 7,500,000 convertible notes (“Notes”), each having a face value of US$1.00 and the principal sum of US$7,500,000 in the aggregate, together with interest thereon from the date of issuance of the convertible on demand notes. Interest will accrue at a simple rate of 4% per annum on these notes. Unless earlier repaid in cash or converted into shares at Close the Loop’s election, the principal and accrued interest of the Notes issued will be due and payable by Close the Loop on 28 April 202 6 . The Notes will be convertible into Close the Loop’s ordinary shares at the discretion of the company at a set price

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Notes to the Financial Statements 31 December 2024

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of A$0.74 cents per share converted at the rate published by the Reserve Bank of Australia as at the trading day immediately preceding the date of conversion. This note is classified as a current liability as it can be converted any time at the Company’s discretion prior to the maturity date.

There were no other changes to the Group’s borrowings as reported in the 30 June 2024 financial report.

NOTE 15. EARNINGS PER SHARE

Earnings per share for profit / (loss) from continuing operations
Profit / (Loss) after income tax
Non-controlling interest
Profit / (Loss) after income tax attributable to the owners of Close
the Loop Limited
Basic earnings per share (cents)
Diluted earnings per share (cents)
Weighted average number of ordinary shares
Weighted average number of ordinary shares used in calculating
basic earnings per share
Adjustments for calculation of diluted earnings per share:
Options over ordinary shares
Performance Rights
Weighted average number of ordinary shares used in calculating
diluted earnings per share

Consolidated
31 Dec 2024
$’000
31 Dec 2023
$’000
(623)
5,009
(142)
(82)
(765)
4,927
(0.14)
0.95
(0.14)
0.92
531,849,866
521,121,468
1,000,000
9,216,635
13,900,000
6,526,087
546,749,866
536,864,190

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DIRECTORS DECLARATION

In the opinion of the directors of Close the Loop Limited:

The attached financial statements and notes comply with the Corporations Act 2001 , Australian Accounting Standard AASB 134 “Interim Financial Reporting”, the Corporations Regulations 2001 and other mandatory professional reporting requirements:
The attached financial statements and notes give a true and fair view of the consolidated entity’s financial position as at 31 December 2024 and of its performance for the financial half-year ended on that date; and
There are reasonable grounds to believe that the Company will be able to pay its debts as and when they become due and payable.

Signed in accordance with a resolution of directors made pursuant to section 303(5)(a) of the Corporations Act 2001 .

On behalf of the directors

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Signed: _______ Grant Carman Director

Date: 24 February 2025

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Nexia Melbourne Audit Pty Ltd Level 35, 600 Bourke St Melbourne VIC 3000

Australia

E: [email protected]

P: +61 3 8613 8888 F: +61 3 8613 8800

nexia.com.au

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CLOSE THE LOOP LTD. — Interim / Quarterly Report 2025

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